ACCNerd

XACC 291 Week 6 - P11-2A, P12-5A and P12-6A

$7.99

Need more details? Contact Us for Personal Support

See More Details

Description

XACC 291 Week 6 Answer Guide

The following ACC 291 accounting study guide is designed to help students taking accounting principles II at the undergraduate level. 

What's Included in the Study Guide?

  • Full Solutions for P11-2A, P12-5A and P12-6A
  • All Work Shown
  • Textbook: Financial accounting: Tools for business decision making
    7th Edition
  • Unlimited Additional Support from ACCNerd Accounting Experts

Preview of Solutions

P11-2A

Greeve Corporation had the following stockholders’ equity accounts on January 1, 2011: Common Stock ($1 par) $400,000, Paid-in Capital in Excess of Par Value $500,000, and Retained Earnings $100,000. In 2011, the company had the following treasury stock transactions

(a) Journalize the treasury stock transactions, and prepare the closing entry at December 31, 2011, for net income.

 

Mar 1

Treasury Stock (5,000 x 7)

35,000

 

 

  Cash

 

35,000

 

June 1

Cash (1000 x 10)

10,000

 

 

  Treasury Stock (1000 x 7)

 

7,000

 

  Paid-in Capital from Treasury Stock

 

3,000

 

P12-5A

The following securities are in Pascual Company’s portfolio of long-term available for-sale securities at December 31, 2011

(a) Prepare journal entries to record the transactions.

 

Jan 20

Cash (55,000 - 600)

54,400

 

 

  Able Corp Common Stock

 

52,000

 

  Gain on sale of stock

 

2,400

 

P12-6A

The following data, presented in alphabetical order, are taken from the records of

Urbina Corporation. 

Prepare a classified balance sheet at December 31, 2011.

URBINA CORPORATION - BALANCE SHEET

 

Assets

Current Assets

 

 

 

Cash

 

 

42,000

Short term stock investment, fair value

 

 

180,000

Accounts receivable

 

140,000

 

Less: Allowance for doubtful accounts

 

6,000

134,000

Get full solutions and tutoring support on the full study guide 

Need additional help? Just shoot us an email or contact us via live chat. Our expert accounting tutors are standing by to help you get better grades.